Report: Apple may introduce watch device this year

Apple may speed up the development of a wristwatch-like device and introduce it as early as this year, according to a report Monday by Bloomberg News.

With about 100 product designers working on the project and having filed at least 79 patent applications that include the word "wrist," the company is working on a watch that may include features for making calls, identifying callers, checking map coordinates, counting walking steps and monitoring health data, the report says, citing a person familiar with Apple's plans.

Under pressure to create new products for further revenue growth, Apple CEO Tim Cook has said publicly that he is interested in developing a smart TV but fell short of disclosing specific plans.

Citigroup analyst Oliver Chen told Bloomberg that the watch industry will generate more than $60 billion in sales in 2013. TVs will generate more revenues but their profit margins are lower than watches, he says.